Innovations in financial technology (FinTech) are rapidly disrupting business models across the finance sector. Financial institutions need to adopt these technologies in order to remain competitive, improve efficiency and increase profitability.
In an attempt to identify these essential technologies, Naseba’s analysts reached out to over 100 Chief Technology Officers, Chief Information Officers and IT Directors from the region’s leading financial institutions.
Our research identified about 58 specific solutions, ranging from core banking upgrades to cloud storage implementation. Taking a closer look at the data, we were able to categorise these solutions into 5 broader needs:
28% of respondents prioritised digitisation, 20% were interested in some form of cyber security, 19% required business intelligence and business processes transformation solutions, and 14% were seeking customer loyalty and engagement solutions.
The average IT budget of BFSI stakeholders surveyed was around 1.2 million USD and 38% of them had a budget of more than 2 million USD.
Insights like these served as the blueprint for Naseba’s FINTECH SUMMIT MENA 2016, the region’s first business facilitation platform focused on aligning technology with the needs of enterprises in the Banking, Financial Services & Insurance (BFSI) sector.
The gathering facilitated knowledge sharing, high-level networking, and most importantly, prescheduled one-to-one business meetings between key BFSI stakeholders and top-tier solution providers.
On October 30th, 2017, Naseba will be organising the 2nd FINTECH SUMMIT MENA. Our analysts are currently conducting research and identifying the key solutions required by financial institutions in the region. Some solutions from last year still remain a priority, but newer technologies like blockchain and robo-advisory are consistently being identified as essential.
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Insights like these are available in our soon-to-be-published Fintech report. The report will highlight key buyers, specific solutions, budget breakdowns and much more.